Solved: In CA state return, Investment Income Expenses are not showing up as a deduction in the generated forms
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

In CA state return, Investment Income Expenses are not showing up as a deduction in the generated forms

In my CA state return, I have put HSA maintenance fees as Investment Income Expenses using the instructions from https://ttlc.intuit.com/questions/3772418. From what I understand, it should be showing up as a deduction in the CA return, but when I look at the forms generated by TurboTax at the end, that doesn't seem to be happening. What could be the reason for the deduction to not be present there?

1 Best answer

Accepted Solutions
Level 7

In CA state return, Investment Income Expenses are not showing up as a deduction in the generated forms

Miscellaneous itemized deductions get a 2% of AGI haircut on Schedule A line 26. So unless the sum of them exceed that 2% amount then they don't count in the total itemized deductions.

View solution in original post

3 Replies
Level 7

In CA state return, Investment Income Expenses are not showing up as a deduction in the generated forms

Miscellaneous itemized deductions get a 2% of AGI haircut on Schedule A line 26. So unless the sum of them exceed that 2% amount then they don't count in the total itemized deductions.

View solution in original post

New Member

In CA state return, Investment Income Expenses are not showing up as a deduction in the generated forms

I understand the 2% AGI limit applies for the federal return, but does it apply to the California state return as well?
Level 7

In CA state return, Investment Income Expenses are not showing up as a deduction in the generated forms

Yes, same thing.
Dynamic Ads
v
Privacy Settings